On Tuesday, the leading cryptocurrencies, Bitcoin and Ethereum, made significant moves as investors hoped to make up for losses incurred during "Black Monday." Bitcoin's price reached as high as $56,988 during trading hours, exhibiting choppy price action overnight, ultimately trading 14.23% lower for the week. Meanwhile, Ethereum also experienced volatility throughout the day, fluctuating between $2,430 and $2,550, with the Altcoin King down by 23% over the course of the week.
In the previous 24 hours, a considerable number of traders, totaling 54,989, were liquidated, resulting in a total liquidation amount of $176.41 million. This occurred after over a billion dollars locked in speculative bets was wiped out on Monday. Bitcoin's Open Interest saw a slight increase in the last 24 hours, reflecting caution among investors, while Ethereum recorded a 1.28% decline in Open Interest. The Longs/Shorts Ratio rose in the same period, indicating a closure of bearish bets in comparison to bullish ones, which could influence market sentiment moving forward. Additionally, the Cryptocurrency Fear & Greed Index improved from "Extreme Fear" to "Fear" following the recent rebound in cryptocurrency prices.
In the broader financial landscape, the global cryptocurrency market was valued at $1.97 trillion, experiencing a 0.88% decline in the last 24 hours. Conversely, the stock market saw a recovery on Tuesday after significant sell-offs on Monday, with the Dow Jones Industrial Average gaining 294.39 points, the S&P 500 lifting by 1.04%, and the Nasdaq Composite adding 1.03%. The Nikkei 225 in Japan also notably rebounded by 10% after a period of poor performance reminiscent of the "Black Monday" crash of 1987.